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Million Dollar Hire: Build Your Bottom Line, One Employee at a Time

Book Description

Tools for translating recruiting and hiring decisions into financial returns

Even in a down economy, U.S. business and government make millions of hiring decisions every year. Every decision carries risk. Every hire is an investment. Ideally, every one pays a return. In today's demanding environment, companies no longer have room to get it wrong. Million-Dollar Hire shows how leading companies have re-invented themselves, beat their competition, and added millions to their bottom lines with re-engineered recruiting and hiring practices. Using practical, real world illustrations, it shows that there are tools to treat every hiring decision with the same focus a business applies in acquiring other high-value assets.

  • Shows how new technologies and social networking tools are being used to spider the Internet and find the best candidates before the competition

  • Explains how different approaches to candidate screening translate to different levels of financial return to a business

  • Reveals how to estimate the financial payoff for every hire and how to avoid legal challenges

  • This is an invaluable tool for CEOs, CFOs, COOs and HR professionals who want to revamp what is often one of the least sophisticated parts of a business-the ways it finds talent.

Table of Contents

  1. Copyright
  2. PREFACE
    1. How This Book Is Organized
  3. 1. THREE THINGS WE KNOW ABOUT PEOPLE
    1. 1.1. People Differ in Many Ways
      1. 2.1. Can Do
      2. 2.2. Will Do
      3. 2.3. More Isn't Always Better
    2. 1.2. People Differences Translate to Performance Differences
    3. 1.3. People Differences Can Be Measured
    4. 1.4. Three Facts to Build On
  4. 2. FOUR THINGS WE KNOW ABOUT PROCESS
    1. 2.1. We Can Predict Performance
    2. 2.2. Predicting Performance Yields a Financial Payoff
    3. 2.3. But You Can Get into Trouble
    4. 2.4. Continuous Improvement Principles Apply in Hiring
    5. 2.5. So Far
  5. 3. SOME BASIC THINKING MODELS
    1. 3.1. The Materiality of Recruiting and Hiring Decisions
    2. 3.2. Improving the Odds of Being Right
    3. 3.3. Validity as Another Thinking Model
    4. 3.4. What the Models Have in Common
  6. 4. MEASURING PAYOFF IN HARD NUMBERS
    1. 4.1. Choosing Where to Move the Needle
    2. 4.2. Improving Sales Results
    3. 4.3. Reducing Turnover
    4. 4.4. Increasing Production
    5. 4.5. Lowering Accident and Injury Rates
    6. 4.6. Big Numbers
  7. 5. MEASURING PAYOFF IN SOFT NUMBERS
    1. 5.1. Another Way of Thinking
    2. 5.2. Top Performers Are Worth a Lot
    3. 5.3. Bottom Performers Cost a Lot
    4. 5.4. Blending the Concepts of Validity and Payoff
    5. 5.5. But, But, But . . .
    6. 5.6. A Simple Approach to Estimating Payoff
    7. 5.7. Adding Even More Value
  8. 6. TECHNOLOGIES COME TO RECRUITING AND HIRING
    1. 6.1. It's All Changed
    2. 6.2. Candidate Sourcing
    3. 6.3. Candidate Prescreening
    4. 6.4. Full-Scale Assessment
    5. 6.5. Onboarding and Retention
    6. 6.6. Legal Compliance
    7. 6.7. Continuous Improvement Hiring
    8. 6.8. Tomorrow—More for Less
  9. 7. SETTING STRATEGY AND CHOOSING TACTICS
    1. 7.1. Why a Recruiting and Hiring Strategy?
    2. 7.2. Choosing a Strategy—Critical Needs and Low-Hanging Fruit
    3. 7.3. Assembling the Tactics and Building in Risk Management
    4. 7.4. Controlling Risk and Keeping It Legal
    5. 7.5. Deciding Whether to Outsource the Process
    6. 7.6. Holding the Plan to Return-on-Investment Review
  10. 8. CANDIDATE SOURCING AND PRESCREENING
    1. 8.1. Defining What You're Looking For: Basic Qualifications and Competencies
    2. 8.2. Taking Advantage of the Internet in Candidate Sourcing
    3. 8.3. Sometimes, More Interest Than You Can Count
    4. 8.4. As Always, There's a Caution
    5. 8.5. Making the Initial Cut—Solutions to Prescreening Candidates
    6. 8.6. Taking a Review
  11. 9. ASSESSING THE WHOLE CANDIDATE
    1. 9.1. Deciding What to Assess
    2. 9.2. Different Assessment Tools and How They Work
      1. 9.2.1. Light Industrial Workers
      2. 9.2.2. Electronics and Appliance Retail Sales
      3. 9.2.3. Computer Sales, Customer, and Technical Support
      4. 9.2.4. Professional Services Firm Account Managers
    3. 9.3. When Enough Is Enough
    4. 9.4. Back to Estimating Payoff
    5. 9.5. Buyer Beware
    6. 9.6. Again, It's About Predicting the Future
  12. 10. MAKING THE MILLION-DOLLAR DECISION
    1. 10.1. The Key: Valid Data, Correctly Used
    2. 10.2. Combining Candidate Information: Basic Principles
    3. 10.3. Setting the Bar
    4. 10.4. The Principles at Work
    5. 10.5. Is There Anything We Missed?
    6. 10.6. The Value in Consistency
  13. 11. NAVIGATING THE LEGAL PITFALLS
    1. 11.1. Some Background on the Legal Risks
    2. 11.2. Where Things Can Go Wrong
    3. 11.3. Reducing Risk at the Sourcing and Prescreening Stages
    4. 11.4. Reducing Risk at the Assessment Stage
    5. 11.5. Reducing Risk at the Decision Stage
    6. 11.6. It Comes Down to Four Things
    7. 11.7. You Can Do It Without Being Afraid
  14. 12. HOLDING AND GROWING THE INVESTMENT
    1. 12.1. After the Million-Dollar Decision
    2. 12.2. Following Up on New Hires
    3. 12.3. Looking for Weak Spots and Improvement Opportunities
    4. 12.4. Validating Your Hiring Process
    5. 12.5. Improvement Never Ends
  15. 13. IT'S YOUR MONEY
    1. 13.1. Key Steps in Making Better Million-Dollar Hires
      1. 13.1.1. Step One: Accept the Facts
      2. 13.1.2. Step Two: Have a Plan
      3. 13.1.3. Step Three: Demand Validity
      4. 13.1.4. Step Four: Inject Technology
      5. 13.1.5. Step Five: Source Broadly, Screen Accurately
      6. 13.1.6. Step Six: Assess Thoroughly
      7. 13.1.7. Step Seven: Manage the Risk
      8. 13.1.8. Step Eight: Improve Continuously
    2. 13.2. You Recoup the Investment with the First Million-Dollar Hire
    3. 13.3. Keeping the Ideas Flowing
  16. NOTES
  17. ACKNOWLEDGMENTS
  18. ABOUT THE AUTHOR